TIDMLND
RNS Number : 0955X
Landore Resources Limited
17 February 2017
LANDORE RESOURCES LIMITED
("Landore Resources" or "the Company")
(AIM Ticker: LND.L)
MAIDEN MINERAL RESOURCE ESTIMATE AND REPORT
BAM EAST GOLD DEPOSIT
JUNIOR LAKE PROPERTY
London, United Kingdom - February 17 2017 - Landore Resources
Limited (AIM:LND) ("Landore Resources" or "the Company") is pleased
to present the Maiden Mineral Resource estimate and report for the
BAM East Gold Deposit on its Junior Lake Property, Ontario, Canada
("BAM East Gold Deposit").
Highlights:
-- 301,000 ounces gold Maiden Resource Estimate for the BAM East Gold Deposit.
-- One year from discovery to Maiden Resource Estimate.
Discovery drill-hole 0415-517 drilled in December 2015. Resource
cut-off 3(rd) January 2017.
-- US$5 per ounce of gold discovery cost with the drill success
rate at 36 ounces of gold per metre drilled (8,436 metres
total).
-- 98 percent combined gold recovery by gravity concentration
followed by cyanidation leach extraction of the gravity tail.
-- Review by RPA has been successful in outlining the favourable
BAM Sequence along a strike length of approximately five
kilometres.
Commenting on this report, Chief Executive Officer of Landore
Resources, Bill Humphries, said:
"I am delighted to announce Landore's Maiden resource of 301,000
ounces of gold for our exciting BAM East Gold Deposit, which has
been rapidly taken from discovery to resource in just one year.
Our remarkably low discovery cost further underlines the
significant growth potential of the BAM East Gold Deposit. In
addition, exploration drilling has succeeded in establishing the
potential for the highly prospective Junior Lake Shear, which
traverses Landore's Junior Lake Property from east to west, to host
other gold occurrences.
Our work programme this year is aimed at further growth of the
existing resource, discovery of further gold deposits along the
Junior Lake Shear and progressing the BAM East Gold Deposit towards
development by initiating a Pre-Feasibility study by year end.
This Gold discovery and its advancement is a remarkable
achievement by Landore's Exploration team and is a testament to
their dedication and perseverance in the exploration of the Junior
Lake Property."
Extracts from NI 43-101 Technical Report on the BAM East Gold
Deposit
"Executive Summary, BAM East Gold Deposit
Roscoe Postle Associates Inc. (RPA) was retained by Landore
Resources Canada Inc. (Landore) to complete an initial Mineral
Resource estimate for the BAM East Gold Deposit and to prepare a
supporting Technical Report. This Technical Report is compliant
with the requirements of National Instrument 43-101 Standards of
Disclosure for Mineral Projects (NI 43-101).
Landore is a fully-owned subsidiary of Landore Resources Ltd.,
which is based in Guernsey and listed on the AIM market of the
London Stock Exchange. Landore has recently discovered the BAM East
Gold Deposit within its Junior Lake Project, located approximately
235 km north-northeast of Thunder Bay, Ontario, and approximately
75 km east-northeast of the village of Armstrong Ontario,
Canada.
The Junior Lake Project consists of the newly discovered BAM
East Gold Deposit along with two nickel-copper-platinum group
element (Ni-Cu-PGE) deposits known as the B4-7/Alpha Zone Deposit
and the VW Deposit.
Landore completed a drilling campaign in the fall of 2015,
consisting of eight diamond drill holes for a total of 2,223 m. Two
of the eight drill holes were drilled to test a geophysical target
located two kilometres to the east of the B4-7 Deposit. The
geophysical target drilling intersected a wide zone of gold
mineralization close to surface that is now known as the BAM East
Gold Deposit. Landore has since carried out follow-up drilling
programs in February 2016, in August 2016, and in October 2016.
These drilling programs have been successful in expanding the
limits of the gold mineralization along the down-plunge direction.
In addition, the drilling programs have confirmed the presence of
the mineralized controlling structure (the Junior Lake Shear Zone)
along a total strike length of approximately 2,000 m by widely
spaced drill holes.
The BAM East Gold Deposit is located in the south central area
of the Junior Lake property and is interpreted as an Archean-aged
mesothermal gold deposit. The deposit consists of gold
mineralization that is hosted by sheared and altered rocks of the
Grassy Pond Sill and the BAM Sequence. The deposit has been traced
by detailed drilling at approximately 50 m centres and wider spaced
drill holes at approximately 100 m centres along a strike length of
approximately 600 m. Reconnaissance-scale step-out drilling has
also intersected gold mineralization in the same host rocks along a
strike length of approximately 1,900 m. Based upon the information
collected from the detailed scale diamond drill holes, the host
rock units strike in an east-southeast direction (average of
azimuth 105deg) and dip steeply to moderately to the south at 70deg
to 75deg. The gold mineralization is interpreted to reside within a
series of tabular shaped zones that are oriented in a roughly
en-echelon configuration and are generally parallel to the overall
strike of the host rock units. Six mineralized zones are currently
recognized, and their estimated true widths of the mineralized
zones range from 3.7 m to 9.4 m. They have been traced by drilling
from surface to a vertical depth of approximately 350 m. The strike
and depth limits of the mineralization remain undefined by the
current drilling pattern.
The Mineral Resources for the BAM East Gold Deposit were
estimated by RPA based on drill hole and assay data available up to
January 3, 2017 and are summarized in Table 1-1.
Table 1-1 Mineral Resources as at January
27, 2017, BAM East Gold Deposit
Landore Resources Canada Inc. - Junior Lake
Project
Category Tonnes Grade Contained
(000 t) (g/t Au) Au
(000 oz)
------------- ---------- ----------- -----------
Indicated 4,455 1.35 193
Inferred 2,730 1.23 108
Notes:
1. CIM definitions were followed for Mineral Resources.
2. Mineral Resources are estimated at a block cut-off grade of 0.3 g/t Au.
3. Mineral Resources are estimated using a long-term gold price
of US$1,400 per ounce, and a US$/C$ exchange rate of 0.75.
4. A minimum mining width of 3 m was used.
5. Bulk densities for the main host rocks are 2.82 t/m(3) , 2.84 t/m(3) , and 2.92 t/m(3) .
6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
7. Numbers may not add due to rounding.
Conclusions
BAM East Gold Deposit
The BAM East Gold Deposit is a newly discovered gold deposit
that has been partially defined by diamond drill holes. A total of
43 drill holes that aggregate 8,436 m in length have been completed
at this deposit to date. The cut-off date for the drill hole
database is January 3, 2017, which represents the date that the
final assay results were received for drill hole 0416-560. A small
number of Screen Metallic assay results were received from the
laboratory after the cut-off date. These results were not received
in time to be incorporated into the Mineral Resource, consequently
the Fire Assay results for these samples were used to estimate the
block grades. The Screen Metallic assay results will be
incorporated in future updates of the Mineral Resource estimate for
the BAM East Gold Deposit.
The main stratigraphic sequence that is observed to host the
large majority of the newly discovered gold mineralization at the
BAM East Gold Deposit is referred to as the BAM Sequence. The
character of this package of rocks has been determined mostly from
observations in drill core and in limited exposures in trenches and
outcrops in the area. In the immediate deposit area, the BAM
Sequence is comprised largely of very fine grained to aphanitic
material which has been recorded as clastic sedimentary unit in the
drill logs. It is typically a medium to dark green-grey to black
colour, contains a weakly to strongly developed foliation, and is
characterized by a soapy feel to the touch locally. Characteristic
sedimentary textures are generally not well developed in the
immediate deposit area. Preliminary geochemical characterization
studies suggest that the sediments have been derived from precursor
rocks of ultramafic composition.
The BAM East Gold Deposit is interpreted as an Archean-aged
mesothermal gold deposit. The deposit consists of gold
mineralization that is hosted by sheared and altered rocks of the
Grassy Pond Sill and the BAM Sequence. The gold mineralization is
commonly observed in drill core to exist as visible gold that is
hosted by very thin, foliation-parallel quartz-rich veinlets,
hosted by highly fissile ultramafic sediments of the BAM Sequence,
or by foliated rocks of the Grassy Pond Sill. A preliminary
petrographic study carried out on a number of samples has
identified the presence of coarse native gold that is present in
association with an unidentified silvery mineral that occur within
calcite replacement patches and veinlets.
Apart from the fissile nature observed in the ultramafic
sediments, little traditional megascopic alteration
(sericite-ankerite), hydrothermal sulphide deposition
(pyrite-pyrrhotite-chalcopyrite-arsenopyrite) or large-scale quartz
veining is observed associated with the mineralized rock units of
the BAM Sequence. Within the host rocks of the Grassy Pond sill,
the alteration is characterized by both a partial or complete
destruction and replacement of both the primary plagioclase
phenocrysts and the interstitial material. Megascopic observations
suggest that the main alteration signature is represented by a
light grey-green to black colour that is believed to represent the
formation of either Mg-rich chlorite or Fe-rich chlorite,
respectively. Narrow zones of intensely developed foliation are
present on occasion. All primary rock textures are completely
destroyed within these zones and are replaced with an alteration
assemblage of chlorite-silica-carbonate(?). The specific nature of
the carbonate alteration (calcite/dolomite/ankerite) has not been
determined.
ALS Metallurgy Americas was engaged by Landore in December 2016
to carry out a preliminary assessment of the metallurgical response
of two composite samples from the BAM East Gold Deposit. The focus
of the test program included an assessment for gold recovery
through combined gravity concentration and cyanidation bottle roll
leaching of the gravity tails at a single primary grind of 75 um
K(80) . Between 98% and 99% of the feed gold was recovered through
combined gravity concentration and cyanidation leaching of gravity
tails for the two composites tested. Gold leach kinetics was fast,
with most of the gold extraction taking place within the first six
hours. Sodium cyanide and lime consumption averaged approximately
0.1 kg/t and 0.3 kg/t, respectively. Gold head grades were
calculated at 2.0 g/t for both composites based on combined gravity
and cyanidation leach test results.
RPA constructed a grade-block model by applying a capping value
of 15 g/t Au to all samples contained within the mineralized
wireframe domains, and by compositing the capped samples to an
equal length of one metre. The average bulk densities of the three
host lithologies were estimated using the information collected by
Landore. The average bulk density for the BAM Sequence and the
Grassy Pond Sill is 2.82 t/m(3) and 2.84 t/m(3) , respectively. The
average bulk density of the Marshall Lake group is 2.92 t/m(3)
.
The distribution of the gold grades, grade times thickness (GT)
product, and estimated true width were examined for each of the
mineralized domains by preparing contoured longitudinal projections
using the contouring function available in the Surpac software
package. The results suggest that the gold grades in Zone 402 are
preferentially oriented as shoots that plunge steeply to the east.
The gold grade distributions for the remainder of the zones are not
as well defined, and appear to occur as smaller-scale pockets of
elevated grades. Additional drill hole information will be required
to fully outline the distribution with accuracy.
An upright, rotated, sub-blocked model with the long axis of the
blocks oriented along an azimuth of 105 (i.e., along the strike of
the stratigraphy and the mineralization) was constructed using the
Surpac v.6.7.3 software package. The selected block sizes were 3.0
m by 5.0 m by 5.0 m (width, length, height). One level of
sub-blocking was applied to a minimum size of 1.5 m x 2.5 m x 2.5
m. Gold grades were interpolated into the individual blocks for the
mineralized domains using two interpolation methods: inverse
distance cubed (ID(3) ) and nearest neighbour (NN). The gold grades
estimated using the ID(3) algorithm are used to report the Mineral
Resources.
Gold Exploration Potential
Compilation activities by RPA have been successful in outlining
the favourable BAM Sequence along a strike length of approximately
five kilometres. The strike limits of the unit have not been
defined. Additional work is clearly warranted. This work would
include continued compilation of all available information,
detailed geological mapping and geochemical sampling, stripping and
trenching activities in areas of shallow overburden, and diamond
drilling in areas of deeper overburden cover.
Ni-Cu-PGE Exploration Potential
RPA is of the opinion that there is good exploration potential
to discover more Ni-Cu-PGE mineralization on the property. RPA
concurs, however, with Landore's current focus on gold.
Recommendations
RPA has the following recommendations for a work program and
budget to advance the Project to the next decision stage. Overall,
RPA is of the opinion that there is excellent exploration potential
remaining to expand the limits of the BAM East Deposit and to
discover zones of additional gold mineralization along the Junior
Lake Shear Zone. RPA's recommendations for the BAM East Deposit
include:
1. Carry out exploration activities to search for the eastern
extension of the BAM Sequence beyond approximately Section 36+00 E.
These activities would involve detailed re-mapping of the outcrops
located along the projected eastern strike extension of the unit,
stripping and trenching over areas of shallow overburden in this
area, and completion of additional geophysical surveys
(magnetometer and HEM surveys) to the east of Line 40+00E.
Expansion of the geophysical survey coverage to the west of the
limits of the current coverage is also warranted.
2. Continue compilation activities in the current area of
coverage and expand the area of coverage, especially along the
western projection of the current known limits of the BAM Sequence.
These compilation activities are important tools to help understand
the various geological settings and the relationships with the
mineralization found on the property. These compilations are also
important tools for generating exploration targets.
3. Carry out a deportment study to examine the particle size
distribution of the native gold particles. This information will be
useful in establishing accurate sample preparation and analyses
protocols and will also be useful when establishing a metallurgical
testing program.
4. Carry out assay-by-size studies to examine the relationship
between the particle size and the grade of a given sample.
Assay-to-extinction studies will also be useful in understanding
the impact of the aliquot size on the variability of the assay
result for a given sample.
5. Adopt the use of potassium ferricyanide stain on a regular
basis to test for the presence of micro-scale ankerite
alteration.
6. Carry out a program of preliminary metallurgical testwork to
evaluate the merits of possible flow sheets for processing of the
BAM East Deposit.
7. Determine the bulk density of the overburden materials for
use in future block models and for mine planning purposes.
8. Complete in-fill drilling to clearly define the location and
extent of the gold mineralization. This drilling information will
permit a more accurate estimate of the grade distribution at the
local scale, improve the confidence of the estimate, and improve
the confidence of any production schedules and cash flow models
that are based on the Mineral Resource estimate.
9. Carry out additional drilling to define the strike and
down-dip limits of the mineralized zones.
10. Investigate the utility of using a dynamic search ellipse
strategy to improve the accuracy of the local estimate as
additional detailed drill hole information becomes available.
Proposed Work Program
RPA concurs with Landore's proposed two phase work program on
the BAM East Gold Deposit. The Phase 2 work is contingent on the
Phase 1 results (Table 1-2)."
"Technical Summary
Property Location and Land Tenure
The Junior Lake Project is located approximately 235 km
north-northeast of Thunder Bay, Ontario, and approximately 75 km
east-northeast of the village of Armstrong. The centre of the
Project is located at 87 59'4"W longitude and 50 23'9"N latitude;
the NAD83 UTM coordinates (Zone 16) are 430,000E and 5,580,000N.
The BAM East Gold Deposit is located at approximately UTM
coordinate 434,910E and 5,581,555N, the B4-7 Deposit is located at
approximately UTM coordinates 432,660E and 5,581,310N, and the VW
Deposit is located at approximately UTM coordinates 435,700E and
5,580,800N. Landore's mineral holdings in the Armstrong area
consist of 90 staked mineral claims (1,173 units totaling 18,768
ha), two patented claims and three mining leases, all together
totaling 22,497 ha.
The mining leases include mining and surface rights over the
area encompassing the BAM East, B4-7 and VW Deposits. The leases
cover 23 mineral claims and two patents for a total area of 3,729
ha and have been granted for 21 years renewable for further terms
of 21 years.
Within the mining leases, Landore has the right, subject to
provisions of certain Acts and reservations, to:
-- Sink shafts, excavations etc., for mining purposes
-- Construct dams, reservoirs, railways etc., as needed, and
-- Erect buildings, machinery, furnaces, etc. as required and to treat ores
Accessibility, climate, local resources, Infrastructure and
physiography
Road access to the Junior Lake property from Thunder Bay is via
paved provincial highways No. 17 (15 km) and No. 527 to Armstrong,
with an overall distance of 255 km. From Armstrong, the Buchanan
Forest Products Inc. gravel haulage road (BHR) is taken east to
kilometre 105, where a skidder haulage road leads approximately two
kilometres to the Landore Camp. In all, the combined distance from
Thunder Bay to the property is approximately 360 km.
Thunder Bay is the major centre for northwestern Ontario and
provides most of the services required by exploration and mining
operations. The Thunder Bay commercial airport has daily scheduled
service to major Canadian cities, and the city offers rail
facilities and a port on Lake Superior that provides Atlantic Ocean
access via the Great Lakes and the St. Lawrence Seaway. Mining and
skilled labour are available in Thunder Bay and elsewhere in
Ontario and Québec. The nearest operating mine is the Lac Des Iles
Mine (LDIM) owned by Lac Des Iles Mines Ltd., a subsidiary of North
American Palladium Ltd. (NAP). LDIM is located 100 km north of
Thunder Bay, approximately 15 km west of Highway 527, and is
approximately 259 km by road from the Junior Lake property.
Other than a cabin camp, there is no infrastructure on the
property. With the bankruptcy of Buchanan Forest Products Inc. in
May 2009, maintenance of the pulp haulage road to the Junior Lake
property has been assumed by the Ontario Ministry of Transportation
to within 30 km of the camp site, with the balance of the distance
maintained by private interests. The Canadian National Railway
(CNR) main single line is 13 km south of the property, passing
between Junior Lake and the north shore of Lake Nipigon. The
property is of sufficient size to support any potential mining
scenarios.
History
Geological mapping and exploration in the vicinity of the Junior
Lake property is recorded as early as 1917. In 1968, Canadian Dyno
Mines Limited staked 333 claims in 15 groups to cover conductors
detected by an airborne electromagnetic (EM) and magnetic (MAG)
survey. Eight diamond drill holes totaling 674.8 m were drilled to
test conductors in January 1969, resulting in the discovery of the
B4-7 sulphide zone. The B4-7 Deposit was delineated by an
additional 30 holes (6,850 m, or 22,479 ft) in 1969.
Landore optioned part of the property from North Coldstream
Mines Limited in 1998 and additional claims from Brancote Canada in
2000. In 2005, the VW Ni-Cu-Co-PGE deposit was found by Landore as
a result of drill-testing a promising geophysical target. The BAM
East Deposit was discovered in the fall of 2015 as a result of
drilling a geophysical target located two kilometres to the east of
the B4-7 Deposit.
Geology and Mineralization
The property is within the roughly east-west trending Caribou
(Lake)-O'Sullivan greenstone belt. This greenstone belt ranges from
3.5 km to 15 km wide and extends roughly east-west for 80 km to 100
km. The supracrustal rocks, and associated mafic to ultramafic
intrusions, of the Caribou (Lake)-O'Sullivan greenstone belt are
subdivided by Berger (1992) into the Archean-aged Toronto Lake
Group (TLG) and Marshall Lake Group (MLG). The two groups are
separated by a series of discrete zones of intense shearing that
form a corridor of up to 800 m wide. This zone is referred to on
the property as the Junior Lake Shear Zone, which may be part of a
regional-scale structure. The TLG underlies the southern third of
the Junior Lake property and consists of a bimodal assemblage of
tholeiitic mafic flows and calc-alkaline rhyolitic to dacitic tuff,
tuff breccias, and subordinate flows. In the northern portions of
the Junior Lake property, the MLG includes tholeiitic,
amphibolitized mafic flows and calc-alkalic dacitic tuff, minor
tuff breccias, and intercalated greywacke, chert, and sulphide iron
formation. Relative ages based on superposition and pillow tops
indicate that the two sequences young to the north.
The main stratigraphic sequence that is observed to host the
large majority of the newly discovered gold mineralization at the
BAM East Gold Deposit is referred to as the BAM Sequence. The BAM
Sequence is located in contact with the MLG to the north and the
Grassy Pond Sill (a member of the TLG) to the south. The character
of this package of rocks has been determined mostly from
observations in drill core and in limited exposures in trenches and
outcrops in the area. In the immediate deposit area, the BAM
Sequence is comprised largely of very fine grained to aphanitic
material which has been recorded as clastic sedimentary unit in the
drill logs. It is typically a medium to dark green-grey to black
colour, contains a weakly to strongly developed foliation, and is
characterized by a soapy feel to the touch locally. Characteristic
sedimentary textures are generally not well developed in the
immediate deposit area. Preliminary geochemical characterization
studies suggest that the sediments have been derived from precursor
rocks of ultramafic composition. Numerous small-scale dikes of
mafic, intermediate, and felsic composition are present in the
deposit area.
Drilling
The drilling programs carried out in 2015 and 2016 were
conducted by Chibougamau Diamond Drilling, of Chibougamau, Québec.
In 2015, 16 drill holes were completed for a total length of 4,813
m. In 2016, a total of 42 drill holes were completed for a total
length of 8,319 m. To date, a total of 791 drill holes totaling
169,786 m in length have been completed on the Junior Lake
property. These drill holes comprise delineation and in-fill drill
holes on the BAM East, B4-7, and VW Deposits, delineation drill
holes on the Lamaune area, exploration drill holes, and a small
number of drill holes completed to generate material for
metallurgical testing.
Mineral Resources
RPA's Mineral Resource estimate for the BAM East Deposit is
based on data available up to January 3, 2017.
Given the shallow nature of the mineralization and the initial
metallurgical test results, RPA agreed with Landore's opinion that
the material would be extracted by means of open pit mining methods
and processed using conventional milling techniques. The Mineral
Resource estimate for the BAM East Deposit is based on the
information from 43 drill holes that totalled 8,436 m in length.
These drill holes include the two discovery holes completed in 2015
(0415-417 and 0415-518) along with the channel sample results from
Trench 0416-01T. The Mineral Resources for the BAM East Deposit are
reported using a block cut-off grade of 0.3 g/t Au for those blocks
that lie above a resource pit shell, which was developed using the
Whittle software package. The Mineral Resources within the base
case open pit shell are estimated at 4.45 million tonnes at an
average grade of 1.35 g/t Au containing 193,000 ounces of gold in
the Indicated Mineral Resource category and 2.73 million tonnes at
an average grade of 1.23 g/t Au containing 108,000 ounces of gold
in the Inferred Mineral Resource category.
RPA is not aware of any environmental, permitting, legal, title,
taxation, socio-economic, marketing, political, or other issues
that could materially affect the Mineral Resource estimates.
ENVIRONMENTAL STUDIES
Landore has conducted various environmental baseline studies on
the Junior lake property since 2007. Surface water sampling of
various lakes and streams has been conducted since 2007. Bathymetry
and fish habitat studies of Ketchikan Lake were conducted in 2007.
In 2008, a bedrock surface investigation of the northern portion of
Ketchikan Lake was completed together with terrestrial and aquatic
studies. The environmental and baseline studies are all
pre-requisites for permitting requirements for the development of
the BAM East Gold Deposit.
FIRST NATIONS RELATIONS
Landore maintains a sound working relationship with First
Nations on whose traditional lands the Junior Lake property is
situated. In 2007, Landore signed a Memorandum of Understanding
(MOU) with Whitesand and AZA First Nations. This agreement
formalizes the desire and commitment to develop a positive,
mutually beneficial relationship amongst all parties and
establishes the process by which this is to be accomplished while
Landore is conducting exploration and advanced exploration
activities in the area.
The MOU was later revised to reflect significant changes in
Landore's claim holdings in the Junior Lake area. Whitesand signed
the revised MOU on April 30, 2012. AZA signed the revised MOU on
December 6, 2013."
End of Extracts
The full Technical Report with results and a new corporate
presentation are available on Landore Resources' web site
<www.landore.com>
PLANNED WORK AND BUDGET 2017:
The 2017 work programme will focus on the BAM East Gold Deposit
with a total of 16,000 metres of drilling in two phases:
Phase 1
-- 5,000m of HQ diamond core to upgrade the Inferred Mineral
Resource to the Indicated category and to expand the existing
resource to the east and west and down dip.
-- 7,500m of NQ diamond core to advance the zones already
identified along the 1,900 metres of the Junior Lake shear and to
explore possible extensions of the shear zone along strike to the
east and west.
-- Exploration including mapping, trenching and geophysics to
cover possible extensions of the Junior Lake shear
-- Studies including Metallurgical, Geotechnical for pit design
and continuation of base line studies.
-- Upgrade of Resource.
Phase 2
-- 3,500 metres of HQ diamond core to upgrade the east section
Mineral Resource estimate of the Central Zone from Indicated to
Measured category for a potential starter pit operation.
-- Commence Pre-Feasibility studies with the appointment of
Project Management and engineering staff for mine design, plant
design, opex/capex estimates etc.
Proposed Operations budget, Landore Canada, for the above
program is:
Phase 1 (Q2/3) C$ GBP (1.65Ex)
-- Personnel and Logistics 913,000
-- 12,500 metres drilling, assays, access 2,542,000
-- Studies and Consultants 460,000
-- Management/Administration 533,000
-- Total 4,448,000 2,700,000
Phase 2 (Q3/Q4)
-- Personnel and Logistics 272,000
-- 3,500 metres drilling, assays, access 776,000
-- Commence Pre-Feasibility studies 440,000
-- Management/Administration 159,000
-- Total 1,647,000 1,000,000
PLC Corporate Overheads for 2017 480,000
The Board intends that funding for the proposed work programme
will be raised via an equity subscription by existing and new
investors at or around market price, seeking to raise between GBP3
to GBP4.5 million and to be completed within the next month.
Reno Pressacco, (P.Geo.), Principal Geologist of RPA Inc.
Toronto, Canada, a Qualified Person as defined in NI 43-101, and
responsible for the preparation of the BAM East Gold Deposit
Resource Estimate, has reviewed and verified all scientific or
technical disclosure relating to the Mineral Resource estimate and
exploration potential.
Michele Tuomi, (P.Geo., BSc. Geology), Director/VP Exploration
of Landore Resources Canada Inc. and a Qualified Person as defined
in the Canadian National Instrument 43-101 and the AIM Rules for
Companies, has reviewed and verified all scientific or technical
mining disclosure contained in this announcement.
- ENDS -
About Landore Resources
Landore Resources is an exploration company that seeks to grow
shareholder value through the acquisition, exploration and
development of precious and base metal projects in eastern Canada.
The Company is primarily focused on the development of the Junior
Lake Project. Landore Resources has mineral rights to 5 properties
in eastern Canada. The Company is headquartered in Guernsey, with
an exploration office located in Thunder Bay, Ontario, Canada.
For more information, please contact:
Bill Humphries, Chief Executive Officer Tel: 07734 681262
Richard Prickett, Finance Director Tel: 07775 651421
Landore Resources Limited www.landore.com
James Spinney / Jack Botros Tel: 020 7409 3494
Strand Hanson Limited
Nominated Advisor and Broker
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
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